比特幣（BTC）價格再次下跌100,000美元，但這次市場看起來不同

比特幣的回報率高於100,00美元的水平，已將新能源注入了更廣泛的加密市場。這是比特幣首次統治

Bitcoin is back trading above the psychological $100,000 price level like it never left. After months of declines, the leading cryptocurrency has reclaimed $100,000 for the first time since January, and the crypto Fear and Greed Index is now back into the greed threshold.

比特幣又回到了超過心理價值100,000美元的價格水平的交易。經過幾個月的下降，領先的加密貨幣自一月以來首次收回了100,000美元，而加密貨幣的恐懼和貪婪指數現在又回到了貪婪的門檻上。

Interestingly, this break above $100,000 also comes with the Bitcoin dominance above the 60% threshold. This is the first time Bitcoin dominance is breaking above $100,000 with such dominance over the market, which lends weight to the sustainability of the current rally.

有趣的是，這次突破超過100,000美元，比特幣優勢高於60％的門檻。這是比特幣優勢第一次打破100,000美元以上，並且在市場上如此優勢，這使當前集會的可持續性賦予了權重。

Bitcoin Price Breaks $100,000 Again, But This Time The Market Looks Different

比特幣的價格再次下跌100,000美元，但這次市場看起來不同

Bitcoin’s return above the $100,000 level has injected new energy into the broader crypto market, following several weeks of price stagnation and market hesitation. After enduring a drawn-out phase of correction and sideways movement, the leading cryptocurrency has now managed to clear several resistance zones in the past week, though a few more stand in the way before new all-time highs above $109,000 can be established.

在價格停滯和市場猶豫了幾週之後，比特幣的回報率高於100,000美元的水平，將新能源注入了更廣泛的加密市場。在經歷了矯正和側向運動的階段之後，領先的加密貨幣現在在過去一周中設法清除了幾個阻力區，儘管在建立新的歷史高點之前，還可以建立更多的距離。

It’s easy to assume that Spot Bitcoin ETFs are solely responsible for the current rally, but the data suggests otherwise. Inflows into these ETFs have averaged just $129 million over the past two days, which is a relatively small figure compared to the $700 million-plus inflows seen daily during Bitcoin’s last push past $100,000 in January. Rather than being powered by ETF activity alone, the current surge is a combination of macroeconomic developments and market-specific shifts that have converged over the past few weeks to support the upward price momentum.

很容易假設現場比特幣ETF對當前的集會負責，但數據建議。在過去的兩天中，流入這些ETF的流入僅為1.29億美元，這是一個相對較小的數字，而比特幣在一月份的最後一次推銷中每天看到的7億美元以上的流入。當前的激增不是僅由ETF活動提供動力，而是宏觀經濟發展和特定於市場的轉變的結合，這些變化在過去幾周中融合了，以支持向上的價格勢頭。

A significant contributor to the improved sentiment is the U.S.-U.K. trade agreement announced on May 8, 2025. President Donald Trump and Prime Minister Keir Starmer introduced a new deal that keeps the 10% U.S. tariff on British imports intact while the U.K. lowers its own tariffs to 1.8% and expands access to American goods. This agreement has cooled what had been growing investor anxiety. The fear of escalating tariffs had previously helped push Bitcoin down to a low of $74,000 in early April. Now, with tensions easing, capital is flowing back into risk assets, giving Bitcoin an added push at a crucial moment.

改善情緒的重要貢獻是2025年5月8日宣布的《美國無國界貿易協定》。唐納德·特朗普總統和總理凱爾·斯特默（Keir Starmer）提出了一項新協議，使美國對英國進口的10％關稅保持完整，而英國則將其自身的關稅降低到1.8％，並擴大了對美國商品的訪問。該協議使投資者的焦慮越來越大。對關稅升級的恐懼此前曾在4月初將比特幣降至74,000美元。現在，隨著緊張局勢的緩解，資本正在返回風險資產，使比特幣在關鍵時刻增加了推動力。

Is BTC’s Rally Above $100,000 Sustainable?

BTC的拉力賽是否超過100,000美元可持續發展？

Compared to previous surges past six figures, this rally is unfolding under notably different market conditions. One of the clearest differences is Bitcoin’s dominance, which now sits above 60%.

與以前的六個數字相比，這次集會在明顯不同的市場條件下展開。最明顯的差異之一是比特幣的統治地位，現在位於60％以上。

This level of dominance points to a stronger structural support beneath the price action. As noted by crypto analyst Rekt Capital, there’s a possibility that the Bitcoin dominance will continue to 71% over time.

這種統治水平表明，在價格行動下，更強大的結構支持。正如加密分析師Rekt Capital所指出的那樣，隨著時間的推移，比特幣優勢將繼續達到71％。

On-chain data further strengthens the case for the sustainability of the current rally. Exchange balances have been declining for a while, which has contributed to the current uptrend. This trend is matched by stablecoin inflows into exchanges, which typically precede buying activity.

鏈上數據進一步加強了當前集會的可持續性的案例。交流餘額已經下降了一段時間，這導致了當前的上升趨勢。這種趨勢與穩定的交換相匹配，該交換通常在購買活動之前。

At the time of writing, Bitcoin is trading at $102,900, with an intraday high of $103,890. This puts it at 5.7% way from reclaiming its January all-time high of $108,780. According to glassnode data, about 3 million BTC have returned to a state of profit between April’s low of $74,000 and the current price action.

在撰寫本文時，比特幣的交易價格為102,900美元，日內高點為103,890美元。這使其與收回其一月份有史以來108,780美元的歷史最高點相距5.7％。根據GlassNode數據，大約300萬BTC在4月的74,000美元和當前的價格行動之間恢復了利潤狀態。